RATE Group | There’s No Way Bitcoin (BTC) Will Hit $5,000: Why An Analyst Thinks So
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There’s No Way Bitcoin (BTC) Will Hit $5,000: Why An Analyst Thinks So

11 Jan There’s No Way Bitcoin (BTC) Will Hit $5,000: Why An Analyst Thinks So

Posted at 23:55h in Cryptocurrency News by

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Over the past few weeks, crypto analysts across the board have claimed that Bitcoin is on its way to $5,000. For some reason or another, this specific price point has been adopted by traders as the point at which the BTC correction (that has already been going on for seven months) will stop.

For instance, Tone Vays, a former Wall Street trader turned Bitcoin educator and analyst, suggested in a recent interview with BlockTV that he expects for the cryptocurrency to head to the $5,000s to put in a fresh and final low.

This has been corroborated by individuals like CryptoBirb, who suggested that Bitcoin still has the potential to see one final dump to $5,400-$5,600 — 30% lower than the current price of $8,000. This coincides with the long-term 0.786 Fibonacci Retracement level.

There’s also a simple observation from trader Mac, who remarked that the low-$5,000s will be a macro bottom for Bitcoin due to a confluence of technical levels in that…

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